Promasidor Nigeria Limited (PNL) has obtained a N5.6bn loan from the Bank of Industry (BoI) to support its expansion programmes.

Mr Per Kristensen, Promasidor Nigeria Finance Director, said the facility would be used to acquire additional machinery, factory expansion and value chain development, which would create jobs for Nigerians and increase the company’s capacity to support the country’s economy.

A statement attributed to the finance director was quoted as saying that repayment of the loan was structured over seven-year tenure, including a 12-month moratorium.